AURORA, ON, March 10 /PRNewswire-FirstCall/ - Helix BioPharma Corp.
(TSX, FSE: "HBP") today reported its highlights and financial results for
the three and six months ended January 31, 2008.

HIGHLIGHTS

The Company's highlights for the quarter included:

- The signing of an agreement with KBI BioPharma for the development of

a clinical packaging format for L-DOS47, Helix's therapeutic

candidate for lung adenocarcinoma;

- The strengthening of the Company's cash position with the completion

of a CDN$16.9 million private placement of common shares on

December 19, 2007; and

- A shareholder vote in favor of management at the annual general

meeting on January 29, 2008.

"We have a solid base on which we can continue the advancement of our
lead clinical compounds," said John Docherty, President of Helix BioPharma.
"Recent developments include our receipt of positive Phase II data for our
Topical Interferon Alpha-2b, the preparation of a format of L-DOS47 that is
suitable for clinical testing, and the strengthening of our balance sheet.
We are currently developing plans for Topical Interferon in an expanded
patient population and we are anticipating L-DOS47 entering the clinic in a
Phase I study."

RESULTS FROM OPERATIONS

Three and six months ended January 31, 2008, compared to same periods in

previous year

Total revenue was negatively impacted by lower sales of Orthovisc(R) in
Canada for both the three and six month periods ended January 31, 2008.
Overall expenditures were lower in the second quarter ended January 31,
2008 and is mainly attributable to higher costs in the same period a year
ago, associated with the Company's annual shareholder meeting. On a
year-to-date basis, overall expenditures were marginally lower, with the
one-time charge in the first quarter of fiscal 2008 related to the
resignation of the Company's Chairman bei 12 12 24 24

The Company's unaudited interim consolidated financial statements and
management's discussion and analysis of financial condition and results of
operations have been filed today with Canadian securities regulatory
authorities and will be available at SEDAR at http://www.sedar.com.

About Helix BioPharma Corp.

Helix BioPharma Corp. is a biopharmaceutical company specializing in
the field of cancer therapy. The Company is actively developing innovative
products for the prevention and treatment of cancer based on its
proprietary technologies. Helix's product development initiatives include
its Topical Interferon Alpha-2b and its novel L-DOS47 new drug candidate.
Helix is listed on the TSX under the symbol "HBP".

The Toronto and Frankfurt Stock Exchanges have not reviewed and do not
accept responsibility for the adequacy or accuracy of the content of this
News Release. Reported financial information may not necessarily be
indicative of future operating results or of future financial position, due
to a number of risks and uncertainties, including those set forth below.
This News Release contains certain forward-looking statements and
information regarding the Company's activities and finances, which
statements and information can be identified by the use of forward-looking
terminology such as "future", "anticipation", "planned", "expects",
"continue", "developing", or variations thereon, or comparable terminology
referring to future events or results. Forward looking statements and
information are statements and information about the future and are
inherently uncertain. Helix's actual results could differ materially from
those anticipated in these forward-looking statements and information as a
result of numerous risks and uncertainties including without limitation:
uncertainty whether Topical Interferon Alpha-2b or L-DOS47 will be
successfully developed and commercialized as a drug or at all; the need for
additional clinical trials, the occurrence and success of which cannot be
assured; product liability and insurance risks; research and development
risks, the risk of technical obsolescence; the need for further regulatory
approvals, which may not be obtained in a timely matter or at all;
intellectual property risks; marketing/manufacturing and
partnership/strategic alliance risks; the effect of competition;
uncertainty of the size and existence of a market opportunity for Helix's
products; as well as a description of other risks and uncertainties
affecting Helix and its business, as contained in news releases and filings
with the Canadian Securities Regulatory Authorities, including its latest
Annual Information Form, at http://www.sedar.com, any of which could cause actual
results to vary materially from current results or Helix's anticipated
future results. Forward-looking statements and information are based on the
beliefs, opinions and expectations of Helix's management at the time they
are made, and Helix does not assume any obligation to update any
forward-looking statement or information should those beliefs, opinions or
expectations, or other circumstances change, except as required by law.

ng more than offset by the
previous fiscal year's cost associated with the Company's annual
shareholder meeting.

Loss for the period

The Company recorded a loss of $1,526,000 and $3,170,000, respectively,
for the three and six month periods ended January 31, 2008, for a loss per
common share of $0.04 and $0.08, respectively. In the comparative three and
six month periods ended January 31, 2007, the Company recorded a loss
$1,900,000 and $3,242,000, respectively, for a loss per common share of
$0.05 and $0.09, respectively.

Revenues

Total revenues for the three month period ended January 31, 2008 was
$791,000, compared to revenues of $892,000 for the same period last year.
This represents a decrease of $101,000, or 11.3%. Total revenues for the
six month period ended January 31, 2008, was $1,676,000, compared to
$1,718,000 a year ago. This represents a decrease of $42,000, or 2.4%.

Product Revenue

Product revenue totaled $652,000 and $1,406,000, respectively, for the
three and six month periods ended January 31, 2008 and represent a decrease
of $105,000 (13.9%) and $47,000 (3.2%), respectively, when compared to same
periods last year. Higher revenues from the sale of Klean-Prep(TM) in
Canada were not sufficient to offset lower revenues from the sale of
Orthovisc(R) in the three and six month periods ended January 31, 2008.

License Fees and Royalty Revenue

License fees and royalties totaled $139,000 and $270,000, respectively,
for the three and six month periods ended January 31, 2008, and represent a
slight increase of $4,000 (3.0%) and $5,000 (1.9%), respectively, when
compared to same periods a year ago. The license fees and royalties for
both the three and six month periods ended January 31, 2008, and 2007 are
comprised solely of royalties related to sales of Klean-Prep(TM) outside of
Canada.

Cost of sales and margins

Cost of sales totaled $269,000 and $582,000, respectively, for the
three and six month periods ended January 31, 2008, compared to $310,000
and $600,000, respectively, for the same periods last year. Margins, on
percentage basis, have remained relatively stable in both the three and six
month periods ended January 31, 2008, when compared to 2007.

Research & development

Research & development costs for the three and six month periods ended
January 31, 2008, totaled $1,029,000 and $1,811,000, respectively, compared
to $1,065,000 and $1,973,000, respectively, a year ago. In the three and
six month periods ended January 31, 2008, research & development
expenditures for both L-DOS47 and Topical Interferon Alpha2-b were less
than in the same periods a year ago, with the majority of the lower
research and development expenditures related to L-DOS47.

The reduction in research and development expenditures for L-DOS47 in
the period were related to the various stages of completion associated with
the multiple projects within the L-DOS47 program. Helix intends to seek
approval in 2008 from the U.S. Food and Drug Administration ("FDA") for a
Phase I clinical study in lung adenocarcinoma patients and, therefore, is
currently advancing its L-DOS47 scale-up manufacturing program in
anticipation of furnishing product for the clinical trial.

Research and development expenditures related to the Phase II trial in
Sweden for ano-genital warts ("AGW") were more than offset by the reduction
in costs associated with the Phase II study in Germany for women with
precancerous, HPV induced low-grade cervical lesions.

The late-stage Phase II study in Germany was completed during the six
month period ended January 31, 2007. Based on the positive findings, the
Company is currently developing plans for a large, randomized,
placebo-controlled double-blind study to evaluate the product in an
expanded patient population in addition to preparatory work in anticipation
of Investigational New Drug ("IND") and Clinical Trial Application ("CTA")
filings in the U.S. and Europe, respectively, in 2008.

Research and development expenditures related to the Phase II trial in
Sweden are below the Company's original projections. This is attributable
to a lower patient enrollment rate. Helix is currently in discussion with
the regulatory authorities in Sweden as it relates to a protocol amendment
put forth by the Company to restore the recruitment rate to the original
projections that forecasted patient enrollment to be completed by the end
of the 2008 calendar year. In order to achieve the enrollment completion
timeline previously projected, the Company will have to expand the trial to
other jurisdictions and multiple sites and, therefore, incur additional
costs.

With the recent private placement, the Company is now in a better
position to expedite the commercialization of its new drug candidates and
expects research and development expenditures to increase in the latter
half of fiscal 2008 and into fiscal 2009.

Operating, general & administration

Operating, general & administration expenses totaled $1,245,000 and
$2,558,000, respectively, for the three and six month periods ended January
31, 2008, compared to $1,578,000 and $2,447,000, respectively for the same
periods a year ago. Lower operating, general and administration expenses
for the three month period ended January 31, 2008, were mainly the result
of lower costs associated with the Company's annual shareholder meeting
held on January 29, 2008. These costs were offset by additional costs
incurred for wages, audit and consultancy services in the quarter.

For the six month period ended January 31, 2008, operating, general and
administration expenses were marginally higher, with higher wages, audit
and consultancy services along with a one-time charge in the first quarter
of fiscal 2008 related to the resignation of the Company's then Chairman
being partially offset by lower costs for the Company's annual shareholder
meeting.

Amortization of intangible and capital assets

Amortization of capital assets in the three and six month period ended
January 31, 2008, totaled $63,000 and $129,000, respectively, compared to
$73,000 and $150,000, respectively, a year ago. Capital asset purchases
were minimal in the six month period ended January 31, 2008.

Amortization of intangible assets in the three and six month periods
ended January 31, 2008, totaled $3,000 and $10,000, respectively, compared
to $39,000 and $79,000, respectively, a year ago. The variance is due to
certain intangible assets that have now been fully amortized.

Stock-based compensation

Stock-based compensation expense in the three and six month periods
ended January 31, 2008, totaled $12,000 and $24,000, respectively, compared
to $12,000 and $24,000, respectively, a year ago. The stock-based
compensation expense relates to the ongoing amortization of compensation
costs of stock options granted on June 30, 2005, over their vesting period.

Interest income

Interest income in the three and six months ended January 31, 2008,
totaled $181,000 and $285,000, respectively, compared to $142,000 and
$244,000, respectively, a year ago.

Foreign exchange loss

The Company realized foreign exchange gains in the three and six month
periods ended January 31, 2008, of $153,000 and $45,000, respectively,
compared to $172,000 and $127,000, respectively, last year. The net assets
in Europe consist mainly of cash and cash equivalents that are denominated
in Euros and used to fund clinical trials in Europe.

Income taxes

Income tax expense in the three and six months ended January 31, 2008
totaled $30,000 and $62,000, respectively, compared to $29,000 and $58,000,
respectively, a year ago. All income taxes are attributable to the
Company's operations in Europe.

CASH FLOW

Operating activities

For the three month periods ended January 31, 2008 and 2007, cash used
in operating activities totaled $1,073 and $1,330, respectively. The
decrease in cash used in operating activities was mainly the result of
lower costs associated with the Company's annual shareholder meeting held
on January 29, 2008.

For the six month period ended January 31, 2008, cash used in
operations was relatively unchanged compared to the six months ended
January 31, 2007.

Financing activities

Financing activities in each of the three and six month periods ended
January 31, 2008 were $14,614,000, compared to nil and $6,480,000,
respectively, a year ago. All financing activities related to separate
private placements in the given periods.

Investing activities

Use of cash in investing activities for the three and six month periods
ended January 31, 2008, as well as the three month period ended a year ago,
totaled $9,000, $59,000 and $11,000, respectively. For the six month period
last year, investing activities were a source of cash totaling $6,614,000
of which $6,640,000 represented a redemption of short-term investments.
Excluding the redemption of short-term investments, all use of funds in
investing activities represented capital acquisitions in the particular
period. When appropriate, the Company maintains excess funds in short-term
investments and redeems these funds as required for its daily operating
requirements.

LIQUIDITY AND CAPITAL RESOURCES

Since inception, the Company has financed its operations from public
and private sales of equity, the exercise of warrants and stock options,
interest income on funds available for investment, government grants,
investment tax credits, and revenues from distribution, licensing and
contract services. Because the Company does not have net earnings from its
operations, the Company's long-term liquidity depends on its ability to
access the capital markets, which depends substantially on the Company's
ongoing research and development programs.

At January 31, 2008, the Company had cash and cash equivalents totaling
$23,263,000, compared to $11,379,000 at July 31, 2007. The increase in cash
and cash equivalents is the result of a private placement completed on
December 19, 2007, when the Company issued 10,040,000 common shares for
gross proceeds totaling $16,867,200. The total number of common shares
issued as of January 31, 2008, was 46,375,335, compared to 36,335,335 in
the same period last year. At January 31, 2008, the Company's working
capital was $23,016,000, compared to $11,468,000 at July 31, 2007. After
taking into consideration the Company's anticipated revenue, planned
research and development expenditures and the assumption that there will
not be unanticipated expenses, the Company expects that its current working
capital will be sufficient to finance operations beyond the 2010 fiscal
year.

The Company will continue to seek additional funding, primarily by way
of equity offerings, to carry out its business plan and to minimize risks
to its operations. The market, however, for equity financings for companies
such as Helix is challenging, and there can be no assurance that additional
funding by way of equity financing will be available. The failure of the
Company to obtain additional funding on a timely basis may result in the
Company reducing or delaying one or more of its planned research,
development and marketing programs and reducing related personnel, any of
which could impair the current and future value of the business. Any
additional equity financing, if secured, may result in significant dilution
to the existing shareholders at the time of such financing. The Company may
also seek additional funding from other sources, including technology
licensing, co-development collaborations and other strategic alliances,
which, if obtained, may reduce the Company's interest in its projects or
products. There can be no assurance, however, that any alternative sources
of funding will be available.

The Company's unaudited interim consolidated balance sheet as at
January 31, 2008, and audited consolidated balance sheet as at July 31,
2007, are summarized below:

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